Allegiance Mining Board
Backs New Zinifex Offer

By

Alex Wilson

Updated Feb. 26, 2008 12:01 a.m. ET

MELBOURNE, Australia -- Zinc and lead miner Zinifex Ltd. has won the backing of the board of nickel developer Allegiance Mining NL for a revised 852 million Australian dollar (US$787 million) takeover offer.

Allegiance had previously rejected a A$775 million offer from Zinifex pitched at A$1 a share, saying it didn't reflect the full value of its Avebury nickel project and the exploration potential it has in an emerging nickel...